N.Y. Rangers Buy Out Last 6 Years of Brad Richards NHL Contract

Brad Richards spent the past three National Hockey League seasons with the New York Rangers since signing a nine-year, $60 million contract in 2011. Photographer: Jamie Sabau/Getty Images

June 21 (Bloomberg) -- The New York Rangers bought out the
remaining six years on the contract of forward Brad Richards,
who earlier this month was demoted to the team’s fourth line
during the Stanley Cup finals against the Los Angeles Kings.

Richards, 34, spent the past three National Hockey League
seasons with the Rangers since signing a nine-year, $60 million
contract in 2011. The New York Times said the buyout clears
$6.67 million in salary cap space for the Rangers next season.

“Brad’s leadership and guidance for our young players was
invaluable to the organization,” Rangers General Manager Glen
Sather said yesterday in a statement released by the team. “We
are grateful to have had the professionalism and experience he
brought as an example for our team to follow.”

Richards, who the Times said will receive $20.67 million in
buyout payments over the next 12 years, becomes an unrestricted
free agent on July 1.

Richards had 20 goals and 31 assists in 82 games for the
Rangers this past season. He added five goals and seven assists
in 25 playoff games as the Rangers reached the Stanley Cup
finals for the first time since 1994 before losing to the Kings
in five games.

“I loved being a Ranger and living in New York,” Richards
said in a statement released by the team. “With this decision
finalized, I can now look forward to starting the next chapter
in my career.”